Updated over 7 years ago on . Most recent reply
Keep Renting or cash out? HELP
I have a 1972 1500sq ft Mobil home on a 0.4 acre lot. I own both free and clear and am currently collecting $1350/no rent ($1270 after PM fee).
My concern is , I have a credit card that has a $30,000 balance with the 0% ending in a few months. I'd like to keep this rental for the cash flow but I'm also concerned with long term durability being the mobil is so old. It is in good shape, but things like the roof/water heater/furnace/ AC going out would be just more money added onto my credit card debt. (I don't have much savings). The market is currently on the high end right and I am entertaining selling this land/Mobil for $180,000. I purchased this Mobil/lot last year for $75,000. I also have a 2003 1300sq ft real property home (primary residence) that I owe $170,000 but it's value is $260,000. I own two cars with balances of $7000/$15,000.
My mind is spinning and which direction to take and was hoping someone could set me on the right path!